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agency issued a warning to the united states. moody's says if congressional negotiations fail to stabilize america's budget, moody's will lower the debt rating. mark zuckerberg maez made his first appearance at a technology conference. he said facebook was focusing on mobile. the stock price was disappointing, he said. facebook has half of the ipo price. >>> apple introduced iphone 5. it is faster, lighter, thinner and has a small ir dock connector called the lightning rod which not compatible with earlier phones. apple stocks hit highs afterhe announcement. >>> a major move by the fed but what does it mean for your money? who better to answer these questions than pimco officer bill gross. he runs the total return fund. thank you for your time. >> thank you, marie. >> so much to talk about. let me begin with the fed action. $40,000 billion of securities a month to help boost the economy. could the fed have done more? was this throwing everything at the economy in your view? >> i think this is the most significant step since paul promised to break the back o inflation with a 2
thunited states. >> in the united states we have a different set of worries we are seeing warnings from big american companies about their future earnings. we ended the third quarter and already we heard from fedex, caterpillar, big global companies that are citing europe. caterpillar is citing china, as well. what are you expecting out of the earnings period that we will see in the next couple of weeks? >> there is a slow down in the global economy. off recession in europe and a slowdown in china which is momo significant t than the chinese p numbers suggest. that is rippling to countries lilike korea, iwan and japan. that is affectcting the glal economy. big global companies are hurt by that. more domestically-focused cocompanies in the united state ought to do better. >> what about the fiscal cliff. it doesn't look like anything will happen until after the elections. we have the tax cuts expiring, spending programs expiring. a lot of people think it will lead to a recession in 2013. how do you think this gets resolved, an what subpoena the impact? >> i wish we had better elections in thi
is ticking in the united states on the fiscal clififf, which you are very, ve concerned about. the expiration of the bush tax cuts, how do you view this playing out, and what are the implications for the market? >> you know, i think it is very important. last week, thee point when the investor attentition really stas to focus on this when it is in europe. so it is a big deal, the fiscal cliff, 4% of gdp, secondly, it would hit at a team when it is the consumer's week of the it represents a big danger to the ecomy, the challenge is it is not discounted into the price. in other words, wewe're all talking about it. i have met verfew investors who believe it will happen. and if we move to an environment where it is likely, it could create volatility in the market. >>> so how do you invest against that kind of back drop? where would you put money to work right now? >> i think there are a couple of things that investors can do. one thing is the people that have the flexibility, right no the options in the market, that islow. youu bu insurance for the portfolio that will hopefully mitigate the impa
of the united states would go behind closed doors and declare to a group of wealthy donors that half the american people view themselves as victims. romney held an impromptu press conference in california to respond. >> the president believes in what i described as a government centered society. it's not elegantly stated. let me put it that way. i am speaking off the cuff in response to a question. and i am sure i could state it more clearly in a more effective way. >> reporter: karen travers, abc news, washington. >> i suspect he will be stating it in more different ways for days to come. >> exactly. i am troubled by the fact that if you are elected president, you do have to make -- remarks that are, off the cuff, you have to be pretty diplomatic, you have meetings with heads of state. >> sure. >> and you have to choose your words carefully. so, i think in today's age when you know everything is being videotaped, to sort of say something like that, even to private, private group, private donors, and basically writing off 50% of the country, you intend to lead. it is very troubling a
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